Use of Money as a Medium of Exchange

question 162

Multiple Choice

Use of money as a medium of exchange

• A)represents the most important service that money renders.
• B)permits only very limited production because of the high transaction costs of exchange.
• C)means that transactions only occur if there is a double coincidence of wants.
• D)permits only very limited specialization of labor.

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Definitions:

Individualistic Cultures

Cultures that emphasize personal achievements and individual rights over collective goals and group identity.

Cooperate

This action involves working together with others towards a common goal or objective, typically requiring communication and coordination.

Personality Trait

Enduring characteristics or dispositions that influence an individual's behavior across different situations.

Conscientiousness

A personality trait characterized by meticulousness, responsibility, and a structured approach to tasks, often associated with high levels of success and achievement in various domains.